BATON ROUGE, La., April 15, 2002 (PRIMEZONE) -- An investor has sued Measurement Specialties, Inc. (AMEX:MSS) claiming that the company's publicly reported financial results were misleading, LeBlanc & Waddell LLC announced today.
The class-action complaint was filed April 10, 2002 in the U.S. District Court for the District of New Jersey. It seeks damages for violations of federal securities laws on behalf of all investors who bought Measurement Specialties common stock from August 1, 2001 through February 14, 2002 or acquired shares in or traceable to the company's August 1, 2001 public stock offering (the Class Period).
According to the complaint, the company's financial results were falsely enhanced by, among other things, improperly recognized revenues and overstated inventories.
The truth about the state of the electronics company's finances began to emerge on February 15, 2002, when Measurement Specialties issued a press release before the market opened stating that the company:
a. Would delay filing its financial report for the third fiscal quarter ended December 31, 2001 because it was in the process of verifying its earnings and inventory valuation;
b. Expected a significant third quarter 2001 loss;
c. Was in default under its loan agreements;
d. Expected to restate its financial statements for the second fiscal quarter ended September 30, 2001 and possibly for other periods; and
e. Had terminated its chief financial officer.
After the announcement, trading of Measurement Specialties stock was abruptly halted. It has not yet resumed. The shares had traded as high as $16 during the Class Period.
If you purchased Measurement Specialties common stock during the period August 1, 2001 through February 14, 2002 or purchased shares in or traceable to the company's August 1, 2001 public stock offering, you may wish to contact the following attorneys at LeBlanc & Waddell LLC to discuss your rights and interests.
Roger LeBlanc, Esq. Chad A. Dudley, Esq. LeBlanc & Waddell, LLC 5353 Essen Lane, Suite 420 Baton Rouge LA 70809 rogerleblanc@lw-law.net (800) 988-3514
If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than May 20, 2002. You may contact the attorneys at LeBlanc & Waddell LLC to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. You may also retain counsel of your choice. To be a member of the class, however, you need not take any action at this time.
With offices in Baton Rouge, New Orleans, Shreveport, Monroe and Slidell, Louisiana, LeBlanc & Waddell, LLC represents investors in securities class action lawsuits and has experience in prosecuting class actions. The firm prides itself on its responsiveness to shareholders and their needs in each case.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca